Bank First Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
BFC$150.86+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated statements of income
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Years Ended December 31 | |||||||||
| · · 2023 · 2022 · 2021 | |||||||||
| · · (In Thousands, except per share amounts) | |||||||||
| Interest income: · · · · · · · | |||||||||
| Loans, including fees | | $168,815 | | $106,951 | | $93,422 | |||
| Securities: | | | | | | | |||
| Taxable | | 8,460 | | 5,887 | | 2,788 | |||
| Tax-exempt | | 1,035 | | 1,801 | | 1,866 | |||
| Other | | 4,173 | | 1,895 | | 310 | |||
| Total interest income | | 182,483 | | 116,534 | | 98,386 | |||
| Interest expense: | | | | ||||||
| Deposits | | 42,367 | | 10,268 | | 7,527 | |||
| Securities sold under repurchase agreements | | 1,813 | | 542 | | 10 | |||
| Borrowed funds | | 4,823 | | 1,639 | | 767 | |||
| Total interest expense | | 49,003 | | 12,449 | | 8,304 | |||
| Net interest income | | 133,480 | | 104,085 | | 90,082 | |||
| Provision for credit losses | | 4,682 | | 2,200 | | 3,100 | |||
| Net interest income after provision for credit losses | | 128,798 | | 101,885 | | 86,982 | |||
| Noninterest income: | | | | | | | |||
| Service charges | | 7,033 | | 5,810 | | 6,128 | |||
| Income from Ansay and Associates, LLC (“Ansay”) | | 2,922 | | 2,558 | | 2,587 | |||
| Income from UFS, LLC (“UFS”) | | 2,265 | | 3,055 | | 2,556 | |||
| Loan servicing income | | 2,860 | | 1,922 | | 1,622 | |||
| Valuation adjustment on MSR | | | 395 | | | 2,865 | | | 1,290 |
| Net gain on sales of mortgage loans | | 897 | | 1,560 | | 7,371 | |||
| Gain on sale of UFS | | | 38,904 | | | — | | | — |
| Other | | 2,839 | | 1,931 | | 1,967 | |||
| Total noninterest income | | 58,115 | | 19,701 | | 23,521 | |||
| Noninterest expense: | | | | | | | |||
| Salaries, commissions, and employee benefits | | 40,355 | | 33,155 | | 28,515 | |||
| Occupancy | | 5,670 | | 5,467 | | 4,198 | |||
| Data processing | | 8,011 | | 6,324 | | 5,344 | |||
| Postage, stationery, and supplies | | 1,084 | | 771 | | 713 | |||
| Net loss (gain) on sales and valuations of OREO | | 2,133 | | (146) | | (20) | |||
| Net loss on sale of securities | | | 7,901 | | | — | | | 3 |
| Advertising | | 326 | | 271 | | 227 | |||
| Charitable contributions | | 944 | | 718 | | 534 | |||
| Outside service fees | | 6,350 | | 6,727 | | 3,076 | |||
| Amortization of intangibles | | 6,324 | | 2,318 | | 1,405 | |||
| Other | | 9,021 | | 6,348 | | 6,541 | |||
| Total noninterest expense | | 88,119 | | 61,953 | | 50,536 | |||
| Income before provision for income taxes | | 98,794 | | 59,633 | | 59,967 | |||
| Provision for income taxes | | 24,280 | | 14,419 | | 14,523 | |||
| Net Income | | $74,514 | | $45,214 | | $45,444 | |||
| Earnings per share - basic | | $7.28 | | $5.58 | | $5.92 | |||
| Earnings per share - diluted | | $7.28 | | $5.58 | | $5.92 | |||
See accompanying notes to consolidated financial statements
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